Vice Media taps Bruce Dixon, Hozefa Lokhandwala for co-CEO role as Dubuc exits

Bruce Dixon (left) and Hozefa Lokhandwala

Vice Media Group has appointed chief financial officer Bruce Dixon and chief strategy officer Hozefa Lokhandwala as its new co-CEOs following last week’s announcement that Nancy Dubuc is exiting the company.

The new co-CEOs will be charged with overseeing the company’s strategic and creative direction, and working closely with the board of directors. The appointments are effective immediately.

Lokhandwala has been chief strategy officer at Vice Media Group since October 2018. Prior to that he was the MD, head of content and entertainment investment banking at JP Morgan.

Dixon has been chief financial officer at Vice Media Group since 2021 and prior to that served in the same position at its content arm, Vice Studios.

Lokhandwala and Dixon are taking the reins during a turbulent time as Vice Media Group faces challenges on several fronts, including declining ad sales and shrinking audiences. In recent months, the company has explored a range of strategic options, including being sold as a whole or in pieces, or raising additional financing. Back in 2017, the company had been valued as high as US$5.7bn, but today the company is reported to be valued at around US$1bn or less.

On Friday, Dubuc, who had served as CEO of Vice Media Group for five years, announced in a memo to staff that she was exiting the role.

“Hozefa and Bruce are incredibly experienced and deeply talented executives who enjoy the full trust of Vice’s leadership team and board, and are the right individuals to lead Vice forward,” said Vice Media’s board of directors.

“With their combined 10 years of experience at Vice, and their long commitment to the company’s brand, mission and operations, they’re perfectly positioned to guide the company through this next important stage of growth.”

Lokhandwala and Dixon added: “We’re both passionately committed to bringing the brand, business operations and creative spirit of Vice forward into the future, and we’re excited and grateful for this opportunity to continue to work closely with the board and VMG’s exceptional management team.

“This is an era of tremendous change for media companies, and Vice’s unique brand of news, entertainment and lifestyle content has never been more relevant. We look forward to building on its success as we chart the next exciting chapter for the company.”